The yellow metal increased its volatility on Friday, as the commodity price fluctuated between 1,840.00 and 1,875.00.
On Monday, the metal had reduced volatility, as it traded between 1,855.00 and 1,870.00.
On Monday, the US ISM Manufacturing PMI at 15:00 GMT could cause a move.
On Wednesday, the US ISM Non-Manufacturing PMI could cause a move.
Thursday will bring the usual weekly US Unemployment Claims at 13:30 GMT.
The week will end with the US monthly employment data sets at 13:30 GMT. Namely, the US Average Hourly Earnings, Unemployment Rate and Non-farm Employment Change will be published.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
On Friday, the XAU/USD exchange rate re-tested the resistance level at 1,875.00.
Given that yellow metal is supported by the 55-, 100– and 200-hour SMAs, as well the Fibo 23.60% in the 1,849.00/1,860.59 range, it is likely that some upside potential could prevail in the market in the nearest future.
However, if the predetermined resistance level holds, the price for gold could reverse south and target the support level located at the 1,835.00 mark.
Hourly Chart
On the daily candle chart, the metal has started to ignore the 55 and 200-day simple moving averages, which were both passed as resistance and support levels. In the meantime, the metal was being approached by the 100-day SMA near 1,880.00.
Meanwhile, since Wednesday the price was supported by a 38.20% Fibonacci retracement level at 1,837.43.
Daily Candle Chart
Traders remain long on gold
Since Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 59% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 63% to buy the metal.